Exhibit 8.1

Subsidiaries of Adecoagro S.A.

Majority Owned Subsidiaries as of December 31, 2012:



|                                     |  |                                                     |  |                        
|------------------------------------ |  | --------------------------------------------------- |  | -----------------------
|                                     |  | Name                                                |  | Place of Incorporation 
|1                                    |  | International Farmland Holdings LP                  |  | Delaware, United States
|2                                    |  | Adecoagro LP                                        |  | Delaware, United States
|3                                    |  | ONA Ltd.                                            |  | Malta                  
|4                                    |  | TOBA Ltd.                                           |  | Malta                  
|5                                    |  | Kadesh Hispania S.L.U.                              |  | Spain                  
|6                                    |  | Leterton España S.L.U.                              |  | Spain                  
|7                                    |  | Adeco Agropecuaria S.A.                             |  | Argentina              
|8                                    |  | Pilagá S.A.                                         |  | Argentina              
|9                                    |  | Cavok S.A.                                          |  | Argentina              
|10                                   |  | Establecimientos El Orden S.A.                      |  | Argentina              
|11                                   |  | Agro Invest S.A.                                    |  | Argentina              
|12                                   |  | Forsalta S.A.                                       |  | Argentina              
|13                                   |  | Bañado del Salado S.A.                              |  | Argentina              
|14                                   |  | Dinaluca S.A.                                       |  | Argentina              
|15                                   |  | Compañía Agroforestal del Servicios y Mandatos S.A. |  | Argentina              
|16                                   |  | Simoneta S.A.                                       |  | Argentina              
|17                                   |  | Ladelux S.A.                                        |  | Uruguay                
|18                                   |  | Kelizer S.A.                                        |  | Uruguay                
|19                                   |  | Adecoagro Uruguay S.A.                              |  | Uruguay                
|20                                   |  | Adeco Brasil Participações S.A.                     |  | Brazil                 
|21                                   |  | Adeco Agropecuária Brasil S.A.                      |  | Brazil                 
|22                                   |  | Usina Monte Alegre Ltda.                            |  | Brazil                 
|23                                   |  | Fazenda Mimoso Ltda.                                |  | Brazil                 
|24                                   |  | Adecoagro Vale do Ivinhema Ltda.                    |  | Brazil                 
|                                     | 
|Non-Consolidated Affiliated Entities |  |                                                    
|                                     |  | Name                                                |  | Place of Incorporation 
|1                                    |  | Grupo La Lácteo Inc.                                |  | Alberta, Canada        
|2                                    |  | Grupo La Lácteo LP                                  |  | Alberta, Canada        
|3                                    |  | La Lácteo S.A.                                      |  | Argentina              
|4                                    |  | Santa Regina Agropecuaria S.A.                      |  | Argentina              
|5                                    |  | CHS Agro S.A.                                       |  | Argentina